Real Estate Math

A West Virginia property sells for $185,000. The state excise tax is $1.10 per $500 (or fraction thereof). What is the total excise tax due?

A$370.00

B$407.00✓ Correct

C$185.00

D$740.00

Explanation

$185,000 / $500 = 370 units exactly. 370 x $1.10 = $407.00. Using the values given ($185,000, $1.10), apply the appropriate formula.. The correct answer is $407.00.. This is a common calculation on the West Virginia real estate exam.

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